International Trade refers to the exchange of goods and services between countries. It encompasses the import (purchase) and export (sale) of products across national borders. This trade allows nations to obtain resources and products that they do not produce domestically or can acquire more efficiently from other countries.
International trade is influenced by various factors including trade policies, tariffs, and trade agreements that regulate how commerce is conducted between nations. It plays a vital role in the global economy, contributing to economic growth, job creation, and access to a broader range of goods and services for consumers. Additionally, it fosters economic interdependence among countries, which can lead to stronger diplomatic and economic ties.
Overall, international trade is essential for expanding markets, increasing competition, and driving innovation, as businesses engage in cross-border transactions to leverage comparative advantages in production and resources.
Trump and Starmer's meeting signifies a critical development in UK-US trade relations amidst tariff concerns. An innovative economic framework focusing on advanced technology is being proposed, deviating from traditional free…